This is a coin that is backed by a physical product and is hence less volatile than other cryptocurrencies like Bitcoin. What is this anyway and why is it important? What are its uses? We look at these and more in this review.

Basic info about CannabisCoin

CannabisCoin is abbreviated as CANN. It is a peer to peer digital currency that will be used to legally buy medical-grade cannabis. It was developed by one DeltaNine (D9) also known as Ty and the official website is http://cannabiscoin.net/ which anyone can visit for more information. The developers are based in Phoenix, Arizona. The Cannabis Coin wallet is available as a cross-platform application that can be installed and used by people using different operating systems. There are Windows, Mac and Android versions making it available to everyone. All one has to do is download the app and use these coins. 1 CANN is equivalent to one gram of medical marijuana.

Markets reception

As for response, CannabisCoin has received a lot of attention from the markets and trading community on Bittrex. If you do not know what Bittrexx is, it is a cryptocurrency exchange rate. The team behind CannabisCoin has been very active in creating awareness and promoting the currency. According to D9, the currency has got very inspiring response. Among those in support of the move are cannabis growers, licensed sellers and patients who require medical marijuana to name but a few.

How does this cryptocurrency work? People who are interested in the digital currency can mine for it just like they would Bitcoins. They can also buy from others who have the CANN. They can then use these to buy cannabis from licensed vendors. The latter are required to set aside a part of their medical cannabis called CANNdy. This portion is to be sold at 1 CANN for every 1 gram of the cannabis. The medicine can also be fully paid for using the CannabisCoins as well. This is to be determined by the current exchange rates. Limitations on the daily purchase or total purchase per batch will be applied but will vary from one dispensary to the other.

Truthfully speaking this cryptocurrency is no different from other cannabis-based currencies like Potcoin. So far it has been picking up on the markets though and is likely to be among the Bitcoin alternatives that many opt for in the near future. That said the CANN can be exchanged for Bitcoins, Dollars and other currencies so mining some CannabisCoins is a great idea. With its rates increasing every now and then you may find this to be a very worthwhile investment soon.